Revenue and Income - Revenue for the three months ended September 30, 2024, was $40,240,127, representing a 20.4% increase from $33,357,108 in the same period of 2023[6] - Net income attributable to Jerash Holdings (US), Inc.'s common stockholders for the three months ended September 30, 2024, was $655,288, compared to $365,617 for the same period in 2023, reflecting an increase of 79.2%[6] - Net income for the three months ended September 30, 2024, was $664,000, an increase of 80% from $369,000 for the same period in 2023[134] - For the six months ended September 30, 2024, total revenue was $81.2 million, up from $68.1 million in the same period in 2023, reflecting a growth of approximately 19%[122] - The net loss for the six months ended September 30, 2024, is $702,148, compared to a net income of $864,059 for the same period in 2023, indicating a significant shift in performance[7] Profitability Metrics - Gross profit for the six months ended September 30, 2024, was $11,697,754, compared to $10,939,571 for the same period in 2023, indicating a 6.9% increase[6] - The company reported a gross profit margin of 17.5% for the three months ended September 30, 2024, compared to 16.1% for the same period in 2023[6] - Gross profit for the three months ended September 30, 2024, was $7,057,883, compared to $5,372,031 for the same period in 2023, indicating a gross margin improvement[6] - Gross profit margin improved to 18% for the three months ended September 30, 2024, up from 16% in the same period of 2023[142] Expenses - Selling, general, and administrative expenses for the six months ended September 30, 2024, totaled $10,449,130, up from $8,475,506 in the same period of 2023, indicating a 23.2% increase[6] - Operating expenses increased by 32% to approximately $5,900,000, primarily due to higher export logistics costs[143] - Selling, general, and administrative expenses increased by 29% to $5.5 million for the three months ended September 30, 2024, compared to $4.2 million for the same period in 2023[134] Assets and Liabilities - Total current assets as of September 30, 2024, were $51,583,883, up from $50,919,660 as of March 31, 2024[5] - Total liabilities increased to $16,889,385 as of September 30, 2024, from $15,814,903 as of March 31, 2024[5] - Total assets as of September 30, 2024, were $80,347,935, slightly up from $80,245,566 as of March 31, 2024[5] - Cash balance as of September 30, 2024, was $16,338,578, an increase from $12,428,369 as of March 31, 2024[5] Equity and Retained Earnings - As of September 30, 2024, total equity for Jerash Holdings is $63,458,550, a decrease from $68,229,924 as of September 30, 2023, reflecting a decline of approximately 1.1%[7] - Retained earnings decreased to $39,784,826 as of September 30, 2024, down from $45,804,741 as of September 30, 2023, representing a decline of approximately 13.2%[7] - Total comprehensive income for the three months ended September 30, 2024, was $672,132, compared to $309,103 for the same period in 2023[6] Cash Flow - For the six months ended September 30, 2024, the net cash provided by operating activities was $2,426,620, a decrease from $8,178,880 in the same period of the previous year[15] - The cash and restricted cash at the end of the period was $17,884,035, down from $22,809,716 at the end of the previous period[15] - Net cash provided by operating activities was approximately $2.4 million for the six months ended September 30, 2024, down from approximately $8.2 million for the same period in fiscal 2024[173] Dividends - The company declared a dividend of $0.05 per share for the three months ended September 30, 2024, consistent with the same period in 2023[6] - Dividend payments remained consistent at $1,229,484 for both the six months ended September 30, 2024, and 2023[7] - The company declared cash dividends of $0.05 per share, totaling $614,742 for each of the two dividends paid during the six months ended September 30, 2024[100] Inventory and Supply Chain - Total inventories decreased to $20,206,799 as of September 30, 2024, down from $27,241,573 as of March 31, 2024, with 99.9% tied to actual sales orders[85] - The total inventories decreased to $7,034,774 from $13,942,970 year-over-year, indicating a significant reduction in stock levels[15] Foreign Currency and Tax - The company reported a foreign currency translation loss of $154,500 for the six months ended September 30, 2023, while a gain of $16,496 was recorded for the same period in 2024[7] - The Company’s income tax rate in Jordan increased to 20% effective January 1, 2024, plus a 1% social contribution[53] Other Financial Metrics - The effective tax rate for the three months ended September 30, 2024, was 13.7%, while for the six months it was (44.9%), primarily due to GILTI adjustments and foreign tax rate differentials[127] - The accumulated other comprehensive loss increased to $(475,823) as of September 30, 2024, compared to $(277,729) as of September 30, 2023[7] Strategic Initiatives - The company plans to invest approximately $29.9 million to establish a new fabric facility in Jordan through its joint venture Jerash Newtech[26] - The company has established multiple subsidiaries in Jordan and Hong Kong to expand its manufacturing and trading capabilities in the garment industry[16][17][18][19][20][21][22][23][24][25][28]
Jerash Holdings(JRSH) - 2025 Q2 - Quarterly Report